Government to print Rs15 crore of one rupee notes every year: Jayant Sinha

The government will be printing 15 crore currency notes of Re1 denomination every year beginning 1 January 2015, as entitled under the provisions of the Coinage Act, Parliament was informed today.

"Government has issued gazette notification dated December 15, 2014 to print Re1 currency notes with effect from 1 January 2015 under the provisions of the Coinage Act, minister of state for finance Jayant Sinha said in a written reply in the Rajya Sabha.

The minister said the Reserve Bank has discontinued the printing of currency notes of 1, 2 and 5 rupee denominations in view of high cost of printing.

"At present, there is no proposal to issue Rs2 and Rs5 denomination notes," Sinha said.